macroafricaintel Daily Brief | 10 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asia shares try to stabilise, pin hopes on policy stimulus
  • S&P 500 futures rally 2.4%, Treasury yields up sharply
  • Asia shares edge higher, Nikkei pares early losses
  • Oil prices bounce after huge drop
  • Markets cling to hope of monetary, fiscal stimulus

Oil Markets

  • Oil prices jump 6% after biggest 1-day fall since 1991
  • Saudi says it will lift output in fight for market share
  • Russia says it can withstand low oil price for 6-10 yrs
  • Oil unlikely to quickly regain 25% losses – analysts
  • Brent up 6.7% at $36.67 a barrel (0115GMT)
  • WTI up 5.8% at $32.92

Precious metals

  • Gold falls 1% as US economic stimulus hopes lift dollar
  • Spot gold down 1% at $1,662.75/oz. (0100GMT)
  • US gold futures down 0.7% at $1,664.60/oz.

Grains (9 Mar)

  • Soy, corn follow as global markets slump; wheat turns higher
  • Soybeans settles down 2.4% at $8.70 per bushel
  • Corn ends down 0.9% at $3.72-3/4 a bushel
  • Wheat settles up 0.6% at $5.18-3/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Central African Republic’s Touadere visits South Africa
  • South Africa’s Eskom power cuts continue
  • Next Einstein Forum in Nairobi (10 Mar); Kenyatta, Kagame & Masisi expected
  • South Africa’s Ramaphosa v Public Protector CR17 report case ruling
  • Uganda-Europe business forum in Kampala; 9-10 Mar
  • 22nd African forestry & wildlife commission (AFWC) in Kruger Park, South Africa; 9-13 Mar
  • Nigeria’s university lecturers begin strike

Key African events or data releases yesterday & early a.m today

  • Morocco to suspend all travel to and from Italy amid coronavirus fears
  • Blackwater founder Prince’s company enteres Congo insurance industry
  • Tunisia suspends Italy flights
  • Burkina Faso confirms first cases of coronavirus
  • At least 43 killed in attack on Burkina Faso villages
  • Libya’s oil production falls to 114,331 bpd – NOC Facebook
  • Ethiopia Airlines crash report focuses on Boeing’s faulty systems
  • Nigeria to scale down budget in face of oil price crash
  • Egypt steps up coronavirus checks after outbreak in Luxor
  • Libya’s Haftar committed to signing ceasefire – French presidency
  • Sudan’s PM survives assasination attempt in Khartoum
  • Sudan’s security council condemns assassination attempt on PM
  • Algerians say oil price crash shows need for reform
  • Africa Oil – Some offers lowered after OPEC deal collapse
  • Mali militants say they are open to talks if foreign troops leave
  • South African Airways to begin talks on job cuts – rescue team
  • OPEC countries lose $500 mln a day in oil price crash
  • OPEC & non-OPEC states might need to reconsider supply cuts – Nigerian minister
  • Family honours dream of son lost in Ethiopia plane crash
  • South Africa’s Eskom to extend power cuts to Tuesday
  • Sasol leads South African stocks to 4-yr low as oil crash hits global markets
  • Libya oil & gas revenue was $275 mln in January and February – CBL
  • Algeria suspends flights to Milan
  • Indian automaker Mahindra starts assembling vehicles in Kenya
  • Algeria says ‘rapid decision’ needed to balance oil market
  • Ethiopia says faulty sensor reading preceded Boeing crash in 2019
  • 86 dolphins found dead on remote Namibia beach, probe launched
  • EU unveils green Africa policy, seeks new start after migrant crisis
  • Ivory Coast 2019/20 cocoa grind up 3.8% by end January – exporter stats
  • Uganda shilling trades weaker on demand by banks, importers
  • Sudan’s information minister: “terror attempts” to be dealt with decisively
  • PM says attempted assassination will not stop ‘path of change’ in Sudan
  • Nigeria has second confirmed coronavirus case – health minister
  • Kenya central bank to raise 50 bln shillings with 20-, 25-yr bonds
  • South Africa’s Eskom dollar bonds fall on power cut resumption
  • Kenya shilling weakens against dollar
  • ‘Follow the water’: Worsening drought dries up housing for rural Namibians

N.B. Full stories of above headlines are available on Reuters

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